Global Entrepreneurship Monitor 2014 Global Report

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3 Global Entrepreneurship Monitor 2014 Global Report Slavica Singer, J.J. Strossmayer University in Osijek, UNESCO Chair in Entrepreneurship, Croatia José Ernesto Amorós, Universidad del Desarrollo and Global Entrepreneurship Research Association, Chile Daniel Moska Arreola, Tecnológico de Monterrey and Global Entrepreneurship Research Association, México Founding and Sponsoring Institutions Babson College, Babson Park, MA, United States Lead Sponsoring Institution and Founding Institution Universidad del Desarrollo, Santiago, Chile Sponsoring Institution Universiti Tun Abdul Razak, Kuala Lumpur, Malaysia Sponsoring Institution Tecnológico de Monterrey, Monterrey, Mexico Sponsoring Institution London Business School, London, United Kingdom Founding Institution Although GEM data were used in the preparation of this report, their interpretation and use are the sole responsibility of the authors. The authors would like to express their gratitude to all participating GEM 2014 national teams for their crucial role in conducting the GEM survey in their respective economies. The usual disclaimer applies. The authors would like to extend special thanks to Yana Litovsky for her contribution in the data collection procedures and data analysis. Special thanks to José Manuel Aguirre Guillén and Nancy Luna Rubio for their help on the report by Slavica Singer, José Ernesto Amorós, Daniel Moska Arreola and Global Entrepreneurship Research Association (GERA) ISBN: Edition and Design: Gilda Moreno Manzur, José Antonio García Rosas, Juan Carlos González Juárez, Alejandro González Luna Cover Design: Speed Wagon online marketing

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5 Contents GEM SPONSORS FOREWORD EXECUTIVE SUMMARY INTRODUCTION AND BACKGROUND The GEM conceptual framework GEM methodology GEM indicators A global perspective on Entrepreneurship in Social values towards entrepreneurship Individual attributes Entrepreneurial activities entrepreneurship ECOSYSTEM The GEM National Experts Survey The State of the Entrepreneurship Ecosystem in DATA IN ACTION: HOW GEM IMPACTS ENTREPRENEURSHIP ECOSYSTEMS Benchmark policy examples Country examples References Appendix Appendix GEM NATIONAL TEAMS ABOUT GEM AUTHORS

6 6 List of figures Figure 1.1 Geographical coverage of the 2014 GEM survey cycle (countries in green) Figure 1.2 Conventional Model of National Economic Growth Figure 1.3 Model of Entrepreneurial Processes Affecting National Economic Growth Figure 1.4 The GEM Conceptual Framework (used in GEM surveys up to 2014) Figure 1.5 The Revised GEM Conceptual Framework Figure GEM s survey timeline Figure 1.7 The Entrepreneurship Process and GEM Operational Definitions Figure 2.1 GEM Conceptual Framework Social Values, Individual Attributes and Entrepreneurial Activity Figure 2.2 Social values toward entrepreneurship in the GEM economies in 2014, by phase of economic development Figure 2.3 Individual attributes in the GEM economies in 2014, by phase of economic development Figure 2.4 Total early-stage entrepreneurial activity (TEA) in the GEM economies in 2014, by phase of economic development Figure 2.5 Correlation of perceived opportunities with the level of TEA, Figure 2.6 Correlation of perceived capability (skills) with the level of TEA, Figure 2.7 Correlation of fear of failure with the level of TEA, Figure 2.8 Percentage of entrepreneurs motivated by necessity and improvement-driven opportunity in 2014, by phase of economic development Figure 2.9 Early-stage entrepreneurial activity rates (TEA) within age groups in 2014, by geographic regions Figure 2.10 Male and female early-stage entrepreneurial activity (TEA) in 2014, by geographic regions Figure 2.11 TEA and established business owners in 2014, by geographic regions Figure 2.12 Reasons for business discontinuance in 2014, by geographic regions Figure 2.13 Job expectations for early-stage entrepreneurs in 2014, by geographic regions (as % of TEA) Figure 2.14 Innovative orientation of early-stage entrepreneurs (TEA) in 2014, by geographic regions (as % of TEA) Figure 2.15 International orientation of early-stage entrepreneurs in 2014, by geographic regions (as % of TEA) Figure 2.16 Entrepreneurial employee activity (EEA) in 2014, by phase of economic development (as % of adult population years) Figure 2.17 Comparison of presence of TEA and EEA in 2014, by geographic regions (as % of adult population, years) Figure 2.18 TEA rate and GDP per capita, Figure 2.19 EEA rate and GDP per capita, Figure 3.1 The revised GEM framework and the relationship with Entrepreneurial Framework Conditions Figure 3.2 Indicators on entrepreneurship framework conditions among regions Africa vs North America Figure 3.3 Indicators on entrepreneurship framework conditions Singapore vs Iran Figure 3.4 Composite indicators on entrepreneurship institutions, by stage of development (1/2) Figure 3.5 Composite indicators on entrepreneurship institutions, by stage of development (2/2) Figure 4.1 Mexico: GDP growth and unemployment rate Figure 4.2 Total early-stage Entrepreneurial Activity (TEA) Figure 4.3 Creating industrial delta robots Figure 4.4 Promoting a small business Figure 4.5 Running a small shop in South Africa Figure 4.6 A Policy Day in GEM Toronto

7 List of tables GEM Economies by geographic region and economic development level, Table 1.1 Social, cultural, political and economic context and economic development phases Table 2.1 GEM economies by geographic region and economic development level, Table 2.2 Perception of social values toward entrepreneurship in the GEM economies in 2014 by geographic region (% of population aged 18-64) Table 2.3 Individual attributes in the GEM economies in 2014, by geographic region (% of population aged 18-64) Table 2.4 Phases of entrepreneurial activity in the GEM economies in 2014, by geographic region (% of population aged 18-64) Table 2.5 Motivation for early-stage entrepreneurial activity in the GEM economies in 2014, by region (% of population aged 18-64) Table 3.1 GEM S key entrepreneurial framework conditions Table 3.2 Entrepreneurship framework conditions main indicators Table A.1 Perceptions of social values regarding entrepreneurship in the GEM economies in 2014, by stages of economic development (% of population aged 18-64) Table A.2 Individual attributes in the GEM economies in 2014, by stages of economic development (% of population aged 18-64) Table A.3 Total early-stage entrepreneurial activity (TEA) in the GEM economies in 2014, by stages of economic development (% of population aged 18-64) Table A.4 Motivation for early-stage entrepreneurial activity in the GEM economies in 2014, by stages of economic development (% of population aged 18-64) Table A.5 Gender Distribution of Early-stage Entrepreneurs (TEA) & Necessity vs Opportunity Entrepreneurship by Geographic Region, Table A.6 Job Growth Expectations for Early-Stage Entrepreneurship Activity, by Geographic Regions,

8 GEM SPONSORS 8 Babson College is a founding institution and lead sponsor of the Global Entrepreneurship Monitor (GEM). Located in Wellesley, Massachusetts, USA, Babson is recognized internationally as a leader in entrepreneurial management education. U.S. News and World Report has ranked Babson #1 in entrepreneurship education for 18 years in a row. Babson grants B.S. degrees through its innovative undergraduate program, and offers MBA and M.S. degrees through its F.W. Olin Graduate School of Business. The School of Executive Education offers executive development programs to experienced managers worldwide. Babson s student body is globally diverse, hailing from 45 U.S. states and 57 economies (non-u.s. students comprise more than 20% of undergraduates and 40% of full-time MBA students). Students can choose from over 100 entrepreneurship courses offered each year, taught by 17 tenure or tenure-track faculty, all with entrepreneurship experience, seven faculty from other divisions around the college, and highly accomplished business leaders serving as adjunct faculty. Entrepreneurial Thought and Action (ETA) is at the center of the Babson experience, where students are taught to experiment with their ideas in real-life, learning and adapting these as they leverage who and what they know to create valuable opportunities. Entrepreneurship of All Kinds emphasizes that entrepreneurship is crucial and applicable to organizations of all types and sizes, whether a new launched independent startup, a multigenerational family business, a social venture, or an established organization. Through an emphasis on Social, Environmental, Economic Responsibility, and Sustainability (SEERS), students learn that economic and social value creation are not mutually exclusive, but integral to each other. Babson shares its methodology and educational model with other institutions around the world through Babson Global, and in the process brings new knowledge and opportunities back to our campus. Besides GEM, Babson has co-founded and continues to sponsor the Babson College Entrepreneurship Research Conference (BCERC), the largest academic research conference focused exclusively on entrepreneurship and the Successful Transgenerational Entrepreneurship Project (STEP), a global family business research project. For more information visit True to the spirit and enterprising drive of its founders, the Universidad del Desarrollo is today one of the top three private prestigious universities in Chile. The project started 25 years ago in Concepción, a southern city of Chile with 100 business administration students. Twenty-five years later, the facts speak for themselves. Its rapid growth has become an expression of the university s main facet: entrepreneurship. The UDD MBA program is rated one of the best in South America and also a leader in entrepreneurship education, according to America Economia magazine, an achievement that once again represents the entrepreneurial seal that is embedded in the spirit of the University. Today the University has more than 13,521 undergraduates, 3,023 postgraduates and over 11,752 graduates from 26 careers that cover all areas of human knowledge. The UDD also has 15 research centers in many disciplines. One of these research centers, the Entrepreneurship Institute of the School of Business and Economics, coordinates the GEM Chile project and is one of the most important research centers in South America dedicated to entrepreneurship studies. For more information visit

9 Universiti Tun Abdul Razak (UNIRAZAK) was established on 18 December 1997 as one of the first private universities in Malaysia. The University was named after Malaysia s second Prime Minister, the late YAB Tun Abdul Razak bin Dato Hussein, and was officially launched on 21 December 1998 by Tun Abdul Razak s eldest son, YAB Dato Seri Mohd Najib bin Tun Abdul Razak, current Prime Minister of Malaysia. UNIRAZAK recognized the imperative need for Malaysia s future entrepreneurs to equip themselves with the proper tools and expertise to survive and flourish in today s modern competitive economic climate. Thus UNIRAZAK founded The Bank Rakyat School of Business and Entrepreneurship (BRSBE), a unique school, dedicated to providing quality education in entrepreneurial and business leadership in Malaysia. The BRSBE was formed with the view that entrepreneurial activity is one of the pillars of a strong and vibrant economy. Although big business is extremely vital for economic health and prosperity, a strong cadre of SMIs and SMEs is also essential to ensure a diverse economy and to provide the required support to big business companies and the community. In fact the dramatic economic development in Asia over the past two decades highlights the importance of understanding entrepreneurship in the region. In this regard UNIRAZAK through BRSBE is ideally poised to play both a national and regional role in developing entrepreneurship and meeting challenges unique to Asia. For more information visit Tecnológico de Monterrey was founded in 1943, as a private non-profit institution, thanks to the vision and commitment of Don Eugenio Garza Sada and a group of entrepreneurs. We educate leaders with an entrepreneurial spirit, committed to ethics and civic values, and internationally competitive. We are a multi-campus internationally prestigious university with a leading-edge educational model: TEC21, addressed to transforming lives and solving the challenges posed by the 21st century. We have 31 campuses distributed throughout the diverse regions of Mexico with around 90,000 students, 19 international sites and liaison offices in 12 countries, and more than 250,000 alumni in Mexico and around the world. We have been awarded institution-wide national and international accreditations for our high school, undergraduate and graduate academic programs. In 2013, we became the first university in Latin America to be granted the QS 5-Star rating, positioning our institution among the 38 universities worldwide with this distinction, according to the British ranking agency Quacquarelli Symonds (QS). In 2014 the Mexican Government has conferred on Tec de Monterrey the National Entrepreneurship Award 2014 for Education Institutions. We conduct scientific and technological applied research in strategic areas to meet the nation s social, economic and environmental demands. The Eugenio Garza Lagüera Entrepreneurship Institute promotes an entrepreneurship and innovation-based culture among all our students, as well as the communities and regions, through academic entrepreneurship programs and a network of business incubators (high impact, basic and social incubators), business accelerators, a technology parks network, centers for entrepreneurial families, venture capital development activities, and Enlace E+E Mentor Network. The entrepreneurship initiatives contribute to job creation and to strengthen the national economy and social development through the transfer of knowledge for businesses creation, development and growth. We act in favor of a more inclusive, caring society with ethical values. For more information visit 9

10 FOREWORD 10 All that is valuable in human society depends upon the opportunity for development accorded to the individual. Albert Einstein Opportunities, capabilities to detect and seize them, and to transform them into a venture that s at the core of the Global Entrepreneurship Monitor (GEM) survey. It is with this in mind that, since 1999, GEM has been collecting, analyzing and interpreting data across the world on the capacity of individuals to act entrepreneurially (i.e., proactively, innovatively and responsibly). By doing so, GEM confirms that everywhere around the globe there are opportunities to be captured for development, but their transformation into venturing depends on individual attributes (skills, intentions), social values and the entrepreneurship ecosystem (from access to finance, education and R&D transfer, to government policies and programs, as well as physical and professional infrastructure ). The survey, which started as an initiative of two researchers (Michael Hay, London Business School, and Bill Bygrave, Babson College) in 1997, by asking a simple question ( Why are some countries more entrepreneurial than others? ), evolved into a global survey conducted annually, which covers all the regions in the world (Africa, Latin America & Caribbean, Asia & Oceania, Europe, North America). The 2014 GEM survey covered 73 economies, representing 72.4% of the world s population and 90% of the world s GDP. The GEM survey monitors entrepreneurial attributes and activities both individually and globally. It therefore provides a unique primary database, which allows to obtain insights on the patterns and trends that prevail in the participating economies, from two perspectives: geographic regions and economic development stages. The GEM s outputs are highly valuable for governments work in evidence-based interventions addressed to improve the entrepreneurship ecosystem and/or education institutions, in order to offer research-based educational programs and build entrepreneurial competencies. The collective effort of more than 500 researchers participating in the GEM survey through national teams has important results: the research soundness and a pragmatic orientation toward designing indicators that capture an economy s entrepreneurial capacity. To all of these researchers, listed at the end of this report, our deepest thanks. We also express our gratitude to more than 206,000 adults around the world who anonymously participated in the 2014 GEM survey, and to 3,936 national experts who provided their thoughts on the entrepreneurship ecosystem. The continuity of this world s largest survey on entrepreneurship would not be possible without the financial support of many national sponsors (ministries, government agencies, banks, universities, chambers of commerce, international development organizations, all listed at the end of the report), as well as of our four global sponsors: Babson College (U.S.A.), Universidad del Desarrollo (Chile), University Tun Abdul Razak (Malaysia), and as of 2015 the Tecnológico de Monterrey (México). We thank Arjan de Haan, Dominique Garro-Straus, and Ann Weston, from IDRC; Jonathan Levie, co-director of GEM UK; Siri Roland Xavier, GEM Malaysia team leader; Mike Herrington, South Africa s GEM team leader; Peter Josty and Adam Holbrook, from GEM Canada, who contributed decisively to Chapter 4 with examples of how GEM impacts the entrepreneurship ecosystem. Our thanks also to Rebecca Namatovu, from GEM Uganda, who provided a short summary of the forthcoming report on youth entrepreneurship in sub-saharan Africa (Chapter 2). Our special thanks to Yana Litovsky for her crucial contribution to the data collection procedures, as well as to all the GERA staff, led by Mike Herrington, Executive Director, and the Mexican team lead by José Manuel Aguirre Guillén, for designing, editing and publishing the work. The authors

11 Executive Summary This Global Entrepreneurship Monitor (GEM) report provides the results of its sixteenth survey on entrepreneurship held every year across the world. The rising number of participating countries and consistent conceptual framework, surveying tools and applied methodology contribute to build the biggest database on entrepreneurship in the world. The GEM survey generates a variety of relevant primary information on different aspects of entrepreneurship and provides harmonized measures about individuals attributes and their activities in different phases of venturing (from nascent to start-up, established business and discontinuation). GEM also tracks highly ambitious entrepreneurship (by identifying aspirations to grow among owner-managed businesses and the presence of entrepreneurial employee activity). All harmonized measures can be enriched with information on inclusiveness, using as lenses age, gender and income. The GEM survey also provides insights on the perception of whether the entrepreneurship ecosystem s components support or hinder entrepreneurial activity in the economy. In 2014, more than 206,000 individuals were surveyed across 73 economies and 3936 national experts on entrepreneurship from 73 economies participated in the survey. Using the United Nations classification for regions, and the World Economic Forum Global Competitiveness Index Report s classification for economic development levels, GEM participant economies represent 72.4% of the world s population and 90% of the world s GDP, enables GEM to feature different profiles of entrepreneurship according to regions and the economic development stage. According to those two dimensions (geographic region and economic development level), participating economies in the 2014 GEM survey are the following: GEM Economies by geographic region and economic development level, 2014 Africa Factor-driven Economies Efficiency-driven Economies Innovation-driven Economies Angola 1), Botswana 1), Burkina Faso, Cameroon, Uganda South Africa 11 Asia & Oceania India, Iran 1), Kuwait 1), Philippines 1), Vietnam China, Indonesia, Kazakhstan 2), Malaysia 2), Thailand Australia, Japan, Singapore, Taiwan, Qatar Latin America & Caribbean European Union Non-European Union North America Bolivia 1) Argentina 2), Barbados 2, Belize, Brazil 2), Chile 2), Colombia, Costa Rica 2), Ecuador, El Salvador, Guatemala, Jamaica, Mexico 2)., Panama 2), Peru, Suriname 2), Uruguay 2) Croatia 2), Hungary 2), Lithuania 2), Poland 2), Romania Bosnia and Herzegovina, Georgia, Kosovo, Russian Federation 2), Turkey 2) Puerto Rico, Trinidad and Tobago Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Netherlands, Portugal, Slovenia, Slovakia, Spain, Sweden, United Kingdom Norway, Switzerland Canada, United States 1) In transition to Efficiency-driven economies 2) In transition to Innovation-driven economies In 2014, in addition to the standard GEM survey, the research on youth and entrepreneurship in sub-saharan Africa (Angola, Botswana, Ghana, Malawi, Namibia, Nigeria, South Africa, Uganda and Zambia) has been conducted, with financial support of the International Development Research Council (IDRC). The results of this research will be published in a special GEM and IDRC report in April, Key overall findings Individual attributes and social values towards entrepreneurship GEM provides insights on several individual attributes (perception of opportunities, perception of own capabilities

12 12 to act entrepreneurially, fear of failure and entrepreneurial intentions), which within a specific context defined by entrepreneurship framework conditions lead to entrepreneurship activities. Individuals in factor-driven economies expressed a more positive attitude towards entrepreneurial measures such as perceived opportunities to start a venture and perceived capabilities to do it in comparison to those in efficiencydriven and innovation-driven economies. The same holds for entrepreneurial intentions. But, fear of failure is the highest among individuals in innovation-driven economies. Using a geographic perspective, some patterns also can be identified. Individuals in African economies tend to report the highest perception of opportunities, perceived skills to act entrepreneurially and entrepreneurial intentions, accompanied with the lowest fear of failure. In the European Union an interesting additional pattern emerges: individuals from countries that experience long- term economic problems do not differ much from others in perceiving capabilities to act entrepreneurially, but they expressed the lowest perception of opportunities (17.2% in Slovenia; 18.4% in Croatia; 19.9% in Greece; 22.6% in Spain; 22.9% in Portugal). At the same time, the lowest level of entrepreneurial intentions is found in European and North American economies, while the highest corresponds to African economies. Social values are an important part of the context in which individuals behave entrepreneurially or not. Starting a venture is seen as a good career choice mostly in African economies, while individuals in the European Union show the lowest level in this regard. Entrepreneurs in African and North American economies share the value of high status to successful entrepreneurs, which indicates that there is an entrepreneurial culture in those economies. This is additionally supported by high media attention for entrepreneurship. EU economies show the lowest social values towards entrepreneurship, in all three dimensions: starting a new business is a desirable career choice, high social status and media positively contributes to developing an entrepreneurial culture. Entrepreneurial activities Entrepreneurial activities are presented by using the organizational life-cycle approach (nascent, new business, established business, discontinuation), by adding insights on ambitious entrepreneurial activity (both from the standpoint of an owner-managed venture and of an entrepreneurial employee). Gender and age descriptors are used to emphasize some distinctive patterns. Total early-stage Entrepreneurial Activity (TEA) includes individuals in the process of starting a venture and those running a new business less than 3 ½ years old. As a percentage of the adult population (18-64 years old) this measure tends to be the highest among factor-driven economies, and declines in economies with higher GDP pc. It is consistent with the pattern of intentions to start a venture. Among innovation-driven economies the highest TEA rates are found in Qatar (16.4% TEA), Trinidad & Tobago (14.6% TEA), the United States (13.8% TEA), Australia (13.1% TEA) and Canada (13.0% TEA). Japan, with 3.8% TEA, and Italy, with 4.4% TEA, have the lowest share of early-stage entrepreneurs among their respective adult populations. From the geographic perspective, the highest TEAs are found in African economies (37.4% TEA in Cameroon, 35.5% in Uganda, 32.8% in Botswana), joined only by Ecuador (from the rest of the world economies) with 32.6% TEA. Only in those four economies one third of adult population is early-stage entrepreneurs. European economies have the lowest TEA rates (7.8% TEA in EU economies, 6.0% TEA in non-eu economies). Motivational reasons (necessity-driven or improvementdriven opportunity) provide additional understanding of an economy s entrepreneurial profile. High early-stage entrepreneurial activity in factor-driven and efficiency-driven economies is motivated by necessity in 28% or 27% of the cases, respectively. The share of early-stage entrepreneurs who started their ventures out of improvement-driven opportunities as motives is the highest in innovation-driven economies (54.9%) in comparison with 45.1% in efficiency-driven economies or 47.0% in factor-driven economies. In several economies (Australia, Canada, Denmark, Finland, the Netherlands, Trinidad & Tobago, United States and Taiwan) two out of three earlystage entrepreneurs were motivated by improvement-driven opportunity. Singapore, Norway, France and Japan stand out with around 70% of early-stage entrepreneurs motivated by improvement-driven opportunity. Low share of improvementdriven opportunity motive (less than 33%) is found in Bosnia and Herzegovina (25.2%), Croatia (28.7%), Uruguay (27.3%), Kosovo (29.1%), Greece (30.5%), Georgia (30.9%), Spain (33.5%), Jamaica (33.5%) and Kazakhstan (33.7%). In order to build a stable, but vibrant business sector, it is important to have an appropriate business structure (consisting of early-stage entrepreneurs and established businesses) and an appropriate business dynamics (reasonable difference between higher rate of entrance and lower rate of exits from the business sector). GEM tracks business dynamics, by capturing the rate of established businesses among adult population and the rate of discontinuation of businesses. European Union economies have a quite balanced level of the early-stage entrepreneurial activity (TEA) rate of 7.8% and the rate of established business ownership rate of 6.7%. It seems a low dynamics that can be explained by the presence of a more efficient entrepreneurship ecosystem (education, R&D transfer, access to finance, friendly regulatory framework) supporting new entrants in business activity. But so thin a basis of early-stage entrepreneurial activity can jeopardize economic canvas in crisis situation. The example of Greece and Spain supports such statement, because those countries have a lower level of TEA compared to their level of established business ownership rates (Greece: 7.9 TEA vs EB; Spain: 5.5 TEA vs. 7.3 EB). The difference between the rates of early-stage entrepreneurs and established businesses is melting along the stages of economic development: in factor-driven economies this ratio is 23.3 vs. 12.7; in efficiencydriven economies it is 14.0 vs. 8.5 and in innovation-driven

13 economies it is almost leveled (8.5 vs. 6.7). The same tendency is observed in the rates of discontinuation of businesses: the highest (11.0%) is found in factor-driven economies, lowering to 4.5% in efficiency-driven economies and to 2.7% in innovation-driven economies. The dominant reason for discontinuation of the venture is lack of profitability (except in North American economies, where personal reasons are in first place and non-profitability in second). Personal reasons are in second place in all other regions. Lack of finances is in third place, but much less intensely in North America than in the rest of the world. This problem prevails in African economies. GEM tracks ambitious entrepreneurship by observing early-stage entrepreneurs with high expectations related to job creation (20+ in the next five years), innovation (new products/services) and internationalization. Additionally, since 2011 GEM captures entrepreneurial employee activities. North American early-stage entrepreneurs stand out with optimistic expectations of high growth in job creation (2.4% of early-stage entrepreneurs). Non-EU economies (with 6.6%), African economies (6.8%) and Latin American and Caribbean economies (7.5%) have the lowest expectations. In the group of EU economies, only 3.2% of early-stage entrepreneurs in Greece and 4.4% in Spain expect to have high creation of new jobs. On the other hand, there are economies with almost full employment where low expectations for growth of jobs are connected with the lack of skilled labor force (for example Thailand or Luxembourg). GEM looks at innovative orientation of early-stage entrepreneurs through two lenses (product/market): how much an entrepreneur s product/service is new to all or some customers and if few or no other businesses offer the same product/service. This measure of innovative orientation is a quite context-dependent measure, because despite globalization, the internal market in many economies can recognize some products/services as new, but at the same time they already exist on some other markets. North American economies are more innovation-oriented than those of the rest of the world. Asia & Oceania are showing a different pattern: high product innovation, but less orientation to new markets due to their own huge markets. Both measures are low in Africa, except in South Africa. There are countries which are trying to develop both aspects of innovation capacity; a good example is Chile, with a very high share of early-stage entrepreneurs saying that they have a product/ service which is new to all or some of their customers (89%), while 59% of them also say that they sell in markets where they have only a few competitors. Every economy, big or small, is inevitably a part of the global economy. Therefore, it is important to track how internationalization contributes to the growth of businesses. GEM is using a categorization of four levels of intensity in internationalization measured by the share of customers living outside the early-stage entrepreneur s country. African economies involved in the GEM survey have the least intensive internationalization (almost 70% of earlystage entrepreneurs do not have a customer outside their respective countries). The exception is South Africa with 26% of early-stage entrepreneurs having more than 25% customers abroad. The highest level of internationalization (more than 25% of customers abroad) is present among earlystage entrepreneurs in EU economies. Several EU economies, all small, are leading in internationalization: Luxembourg (42% of businesses), Croatia (38%), Belgium (33%), Estonia (24%). Same holds for non-eu economies, where Kosovo leads with 33% of early-stage entrepreneurs selling abroad, followed by Switzerland with 31% of entrepreneurs intensively exporting. Small countries as Suriname, Singapore or Barbados are also examples of a high internationalization intensity. Since 2011, GEM captures entrepreneurial employee activity (EEA), acknowledging the existence of different types of entrepreneurship (early-stage entrepreneurs, established businesses, and ambitious entrepreneurial employee activity), which together build an economy s entrepreneurial capacity. GEM operationalizes entrepreneurial employee activity as a situation where an employee in the past three years was actively involved in and had a leading role in either the idea development for a new activity or the preparation and implementation of a new activity. The measure of entrepreneurial employee activity (EEA) is increasing along the development stages, higher in innovation-driven economies, the lowest in factor-driven economies. Entrepreneurial employee activity is much scarcer than TEA across the world, and in African as well and Latin American and Caribbean economies this difference is the highest. North America and EU economies have the highest incidence of entrepreneurial employee activity. GEM tracks demographic characteristics (age, gender, income) of early-stage entrepreneurs, which contributes to estimate the level of inclusiveness. Due to many reasons (lack of resources among younger persons, lack of regulatory conditions for entrepreneurial activity of 60+ individuals) some age groups are less represented in early-stage entrepreneurial activity (Figure 2.9), which is a complex policy issue (involving many aspects of entrepreneurial framework conditions, like access to finance, taxation policy, retirement policy, etc.). Across the world, the most active persons in early-stage entrepreneurial activity are in the age group. The most balanced participation takes place in North American economies. In 2014, the GEM survey confirmed again that while the earlystage entrepreneurial activity is mostly performed by men, there are no differences in individual attributes, like perceived opportunities and perceived capabilities. Only in expressing fear of failure there is a slightly higher presence of women than men. A different pattern emerges when comparing motives for early-stage entrepreneurial activity: across the regions, women start a business venture more often out of necessity than men. The most gender-balanced rates of starting the business out of necessity are found in Australia, the Netherlands, Luxembourg, Denmark, Austria, Kazakhstan, South Africa, Singapore and Thailand. 13

14 14 Entrepreneurship Ecosystems (Entrepreneurship Framework Conditions) Since its inception, the GEM has proposed that entrepreneurship dynamics can be linked to conditions that enhance (or hinder) new business creation. In the GEM s methodology these conditions are known as Entrepreneurial Framework Conditions (EFCs). The EFCs can be considered an essential part of the puzzle that understanding businesses creation and growth represents. The state of these conditions directly influences the existence of entrepreneurial opportunities, entrepreneurial capacity and preferences, which in turn determines business dynamics. By collecting information through interviewing national experts on EFCs (access to finance, government policies, government entrepreneurship programs, entrepreneurship education, R&D transfer, commercial and legal infrastructure, market openness, physical infrastructure and cultural and social norms), GEM captures informed judgments of national key informants regarding the entrepreneurship ecosystems. In most economies participating in the 2014 GEM survey, the best evaluated component is physical infrastructure and commercial infrastructure, and the lowest evaluation corresponded to primary and secondary education, government policies toward regulation and access to finance. From a geographic perspective, African economies have the lowest scores in almost all EFCs. North American economies have the highest scores for almost all EFCs. From the perspective of economic development levels, higher scores go to EFCs in more developed economies, which also confirms that building a supportive entrepreneurship ecosystem requires time, resources and political commitment. Data in action: how GEM impacts entrepreneurship ecosystems High stated goals for closing development gaps around the world (as identified in the New Millennium Goals) require knowledge/evidence- and action-based policies of all major stakeholders of the Quadruple Helix (government, university, business sector, civil society). There is an increasing body of knowledge about many aspects of the quality of life in all countries around the world. Official statistical coverage is different among countries, but it is complemented by various international surveys. GEM is one of the very few surveys based on the collection of primary data on individual entrepreneurial activities, as well as on social values and personal attributes that contribute to or hinder such activities. The GEM survey covers more than 100 countries (73 participated in 2014) and has collected data since 1999 using standardized tools; this has generated a huge database which can be used by international institutions or by national governments to design evidencebased policy interventions, or by some institutions (such as universities) to develop research-based educational programs. After sixteen years of building a database on individuals entrepreneurial behavior around the world, GEM is an extremely valuable source for learning about related patterns and trends. In order to show how GEM data is used to develop evidence-based policy activities, six examples are provided in the 2014 GEM Global Report: How state aid can be used to have an impact on developing countries: The International Development Research Centre (IDRC), Canada how to use GEM s unique knowledge on entrepreneurship in developing countries with links to Canada How to develop evidence-based policies and have better insights on entrepreneurial capacity at a national level: the EU funded a three-year project for the collection of data on entrepreneurial activity and selfemployment, complementing the core GEM survey with specific questions, in order to obtain better insights on entrepreneurial capacity in the EU Four national examples, which confirm that the one approach fits all method does not work in designing an adequate entrepreneurship ecosystem, but that insights on entrepreneurial attributes and activities of individuals in different contexts are needed: o GEM Mexico how GEM data is being used by the Mexican government to build an institutional framework for SME s support o GEM Malaysia how GEM data is being used by the Malaysian government to monitor trends in entrepreneurship in Malaysia and to design some policy interventions o GEM South Africa governments can be slow in recognizing the need for evidence-based policies, but persistence of researchers in finding common language with policy makers pays off o GEM Canada building understanding of the evidencebased approach in designing and monitoring policy interventions requires collaboration among different actors (researchers, government officials, the business sector, any other stakeholders), by using the concept of GEM Policy Day The Global Entrepreneurship Research Association (GERA), which coordinates GEM national teams, is ready to participate in the challenge of the New Millennium Goals and to join the multi-stakeholder global partnership in actions aimed to identify information gaps (and overlaps), as well as to develop collective actions required to replace the competition in the industry of indicators with collaborative efforts to increase access to information and data literacy at the institutional and individual levels.

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17 1. Introduction and Background CHAPTER 1 17 This new edition of The Global Entrepreneurship Monitor 2014 Global Report (GEM) provides the results of the 16th survey cycle held every year since Seventy-three countries participated in the 2014 survey and the report provides the results on entrepreneurial attributes and activities of 70 of these countries and on entrepreneurship ecosystem of 73 countries. 1 Figure 1.1 shows the geographical coverage of the survey cycle. Countries participating in the 2014 GEM survey represent 72.4% of the world s population and 90% of the world s GDP, thus providing a very significant basis for identifying different features of the entrepreneurship phenomenon, as spelled out in the conceptual framework used here. 1.1 The GEM conceptual framework The GEM survey was initially conceived with the intention of detecting the interdependence between 1 While 73 economies participated in the GEM survey cycle in 2014, Kuwait, Latvia and Turkey did not submit their Adult Population Survey (APS) data in time to be processed and included in the Global Report. However, their National Expert Survey (NES) data is included in the corresponding chapter and their APS results will eventually be released and incorporated into the 2014 PDF version of the Global Report. entrepreneurship and economic development. During the last 16 years, its conceptual framework and basic definitions evolved gradually without compromising the comparability of collected information, but bringing more clarity into assumed relationships. This process was supported by the work of many researchers who, using GEM data, contributed to build the entrepreneurship paradigm (Álvarez et al., 2014, Bosma, 2013, Levie and Autio, 2008, Reynolds et al., 2015). The initial definition of entrepreneurship is still valid, but three research questions made since 1999 were modified, as some of them were answered by the findings of annual surveys. The definition of entrepreneurship in the context of understanding its role in economic growth is as follows: Any attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, a team of individuals, or an established business. (Reynolds et al., 1999, p. 3)

18 CHAPTER 1 Figure 1.1 Geographical coverage of the 2014 GEM survey cycle (countries in green) 18 Three questions that paved the way to the GEM survey were posed as follows (Reynolds et al., 1999, p. 3): Does the level of entrepreneurial activity vary between countries, and, if so, to what extent? Does the level of entrepreneurial activity affect a country s rate of economic growth and prosperity? What makes a country entrepreneurial? In order to answer those questions GEM had to depart from the conventional approach to thinking about national economic growth and brought the new conceptual framework that underwent a series of adjustments since its implementation in The GEM conceptual framework, as identified in 1999 (Figure 1.3) in contrast to the conventional model of national economic growth (Figure 1.2), depicted the basic assumption that national economic growth is the result of the individuals (wherever they are located and regardless of whether they are self-employed or the size of businesses) personal ability to identify and seize opportunities, and that this process is taking place in the interaction with the environment. Using the findings of GEM surveys over the years, this initial conceptual framework evolved into the GEM conceptual framework shown in Figure 1.4. The major revision of this GEM conceptual framework was to open the black box called Entrepreneurship Profile, as shown in Figure 1.4. Since the GEM survey s early beginnings, the Figure 1.2 Conventional Model of National Economic Growth General National Framework Conditions Major Established Firms (Primary Economy) Social, Cultural, Political Contex Micro, Small, and Medium Firms (Secondary Economy) National Economic Growth (GDP, Jobs) Source: Reynolds, P. D., M. Hay, S.M. Camp, Global Entrepreneurship Monitor, 1999 Executive Report, p. 9.

19 CHAPTER 1 Figure 1.3 Model of Entrepreneurial Processes Affecting National Economic Growth Social, Cultural, Political Context Entrepreneurial Opportunities National Economic Growth (GDP, Jobs) Entrepreneurial Framework Conditions Business Dynamics Entrepreneurial Capacity Source: Reynolds, P. D., M. Hay, S.M. Camp, Global Entrepreneurship Monitor, 1999 Executive Report, p. 10. Figure 1.4 The GEM Conceptual Framework (used in GEM surveys up to 2014) Social, Cultural, Political Context From other available sources Basic requirements Institutions Infrastructure Macroeconomic stability Health and primary education Efficiency enhancers Higher education & training Goods market efficiency Labor market efficiency Financial market sophistication Technological readiness Market size Innovation and entrepreneurship Entrepreneurial finance Government policy Government entrepreneurship programs Entrepreneurship education R&D transfer Internal market openness Physical infrastructure for entrepreneurship Commercial, legal infrastructure for entrepreneurship Cultural and social norms From GEM National Expert Surveys (NES) Established Firms Entrepreneurship Profile Attitudes: Perceived opportunities & capabilities; Fear of Failure; Status of entrepreneurship Activity: Opportunity/Necessity-driven, Early-stage; Inclusiveness; Industry, Exits Aspirations: Growth, Innovation International orientation Social value creation Employee Entrepreneurial Activity From GEM Adult Population Surveys (APS) From GEM Adult Population Surveys (APS) Socio- Economic Development (Jobs, innovation, Social value) 19

20 CHAPTER 1 Figure 1.5 The Revised GEM Conceptual Framework The GEM framework Social, Cultural, Political, Economic Context Outcome (socio-economic development) Entrepreneurial Output (new jobs, new value added) 20 National Framework Conditions Basic Requirements Efficiency Enhancers Entrepreneurial Framework Conditions Innovation and Business Sophistication + + Social Values Towards Entrepreneurship Individual Attributes (psychological, demographic, motivation) Entrepreneurial Activity By phases of organisational life cycle Nascent, new, established, discontinuation Types of activity High growth, innovative, internationalization Sectors of activity Total Early-Stage Entrepreneurial Activity (TEA), Social Entrepreneurial Activity (SEA), Employee Entrepreneurial Activity (EEA) implicit assumption of mutual relationships among attitudes, aspirations and activities was in-built in the conceptual framework, without spelling out the nature of these relation ships. In the revised GEM conceptual framework shown in Figure 1.5, this black box has been opened in order to test the characteristics of the assumed relationships between social values, personal attributes and various forms of entrepreneurial activity. In all conceptual frameworks, basic assumptions have remained unchanged: 1. Entrepreneurial activity is not a heroic act of an individual, regardless of the environment in which the activity is performed. 2. Entrepreneurial activity is an output of the interaction of an individual s perception of an opportunity and capacity (motivation and skills) to act upon this AND the distinct conditions of the respective environment in which the individual is located. GEM surveys confirmed that the level of entrepreneurial activity varies among countries at a fairly constant rate, thus additionally confirming that it requires time and consistency in policy interventions in order to build factors that contribute to entrepreneurial activity. Surveys also confirmed that entrepreneurial activity, in different forms (nascent, start-up, intrapreneurship), is positively correlated with the economic growth, but that this relationship differs along phases of economic development (Acs and Amorós, 2008; Van Stel et al., 2005; Wennekers et al., 2010). This is further confirmed by recent policy interventions around the world that focus on components of the GEM conceptual framework environment (entrepreneurial framework conditions), individual capacity to identify and seize opportunities, and ability of the society to develop entrepreneurial culture. The Report on Entrepreneurial Ambition and Innovation (WEF-GEM, 2015) highlights the cases of Colombia and Chile, which are implementing several public and private initiatives to enhance their entrepreneurial ecosystems (Drexler and Amorós, 2015) (more examples of the use of GEM data in the design of national policies are included in Chapter 4).

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